J.R.W. Utility Public Company Limited

J.R.W. Utility Public Company Limited, or JR, expects its fourth-quarter 2026 performance to be the strongest period of the year, after problems with access to construction sites in Bangkok that affected part of its underground cable project began to ease and operations returned to normal. The third-quarter 2026 trend improved from the previous quarter. At the end of the second quarter of 2026, the company had a backlog worth approximately 5.7 billion to 5.8 billion baht, which will gradually be recognised as revenue over the next two to three years. The second phase of the underground cable project has already recognised about 30% of its revenue, and new projects are awaiting contract signing, expected to be completed within October. The company expects 2026 revenue to be close to the previous year, down from its earlier target of approximately 2 billion baht, due to the economic slowdown and difficulties in accessing sites. At present, private-sector work accounts for about 90% of all work. For 2027, the company will place more emphasis on selling equipment for electrical system work, while selectively taking on engineering, procurement, and construction projects, focusing on profitability, since the average net profit margin per project is about 3%.